Question: 3. Using the information below, perform the following tasks: Account Receivables Not Past Due 0-31 days Past Due 31-60 days Past Due 61-90 days Past

3. Using the information below, perform the following tasks:

Account Receivables

Not Past Due

0-31 days Past Due

31-60 days Past Due

61-90 days Past Due

+ 90 days Past Due

350,000

175,000

83,000

38,000

12,000

Percentage of not collecting

2%

8%

22%

58%

78%

  1. Calculate the estimated amount of receivables that might not be collected

  2. Perform the adjustment(debit/credit) using the allowance method.

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